India on Sunday signed a trade deal with Iceland, Liechtenstein, Norway and Switzerland that includes a commitment of $100 billion in investment and the creation of 1 million direct jobs in India over the next 15 years, officials said .
India, for its part, has pledged to reduce import tariffs on industrial products from the four European countries that make up the European Free Trade Association, or EFTA.
“The historic agreement between India and EFTA is set to bring significant economic benefits, such as better integrated and more resilient supply chains, new opportunities for businesses and individuals on both sides which will lead to increased flows trade and investment, job creation and economic growth,” we read in an EFTA statement.
Indian Commerce and Industry Minister Piyush Goyal said India for the first time has signed an agreement with a major economic bloc in Europe. India is also working on trade pacts with Britain and the European Union.
The agreement includes trade in goods and services, investment promotion and cooperation, intellectual property, public procurement, trade and sustainable development, and dispute resolution. It will provide Indian exporters a window to access European and global markets, Goyal said in a statement.
The agreement was signed in New Delhi by Goyal, his Swiss counterpart Guy Parmelin, Icelandic Foreign Minister Bjarni Benediktsson, Liechtenstein Foreign Minister Dominique Hasler and Norwegian Trade and Industry Minister Jan Christian Vestre.
Parmelin, speaking on behalf of the EFTA member states, said that “the EFTA countries gain access to a rapidly growing market. Our companies are committed to diversifying their supply chains while making them more resilient. India, in return, will attract more foreign investment from EFTA, which will ultimately result in an increase in good jobs.”